HOUSTON–(BUSINESS WIRE)–Ictero Medical, Inc., a medical device startup developing a novel cryoablation system to treat high-risk patients with gallstone disease, raised an oversubscribed $6M Series A financing led by MedTex Ventures, S3 Ventures, and an undisclosed strategic investor. The funding will be used to continue product development and complete initial clinical testing.
While over 1M patients per year in the US undergo surgical removal of their gallbladder to treat symptomatic gallstones, there remains a large, underserved segment of high-risk patients that would benefit from an alternative to surgery. Ictero’s technology leverages existing interventional techniques to deliver cryoablation therapy to effectively defunctionalize the gallbladder without the need to remove it. “Our technology provides an immediate solution for critically ill patients who currently have no good treatment options, and also has the potential to benefit healthier patients who want to avoid surgery,” says Ictero co-founder and CEO, Matthew Nojoomi.
To accelerate product development and clinical activities toward regulatory clearance, Ictero Medical recently launched a partnership with Biotex, Inc., an experienced, Houston-based medical device development firm. The partnership provides Ictero with comprehensive engineering resources and in-house manufacturing capabilities, as well as capital support from MedTex Ventures through its Biotex Medical Device Fund. “We are excited about working with the Ictero team to advance its technology, which we believe can significantly improve patient experiences and outcomes by providing a non-surgical alternative to treating gallbladder disease,” says Biotex CEO, Ashok Gowda.